Many of New Jersey’s small businesses are getting a tax break. The Murphy administration has decided that Paycheck Protection Program loans will be tax-exempt at the state level for the 2020 tax year. On top of that, businesses will be able to deduct expenses that were paid with the PPP loan proceeds. The state is essentially following the lead of the federal government, which also is not taxing PPP loan proceeds.
Meantime, another 10,000 New Jersey businesses had their PPP loans approved in the past week, according to the Small Business Administration.
One business segment in New Jersey that continues to face financial challenges is the hospital industry. It may seem counterintuitive that hospitals are facing financial pressures during a pandemic, but there’s been a steep drop in non-COVID-19-related services, like elective surgeries. According to a new report from the New Jersey Hospital Association, through the end of September, 41% of the state’s hospitals were operating in the red due to declining revenues and higher expenses related to COVID-19.
A development deal in Bayonne is going to mean new jobs for residents. UPS plans to open a new distribution center on the former Military Ocean Terminal. Mayor Jimmy Davis says the UPS facility is expected to create 1,000 new jobs.
With so much snow on the ground, many of us are dreaming of summer at the Shore and if this year is anything like last year, it’s going to be crowded. In 2020, so many people went to the Shore that sales of beach badges skyrocketed. Last summer, 27 beach towns collected more money from badge sales than in the previous year, according to an analysis by NJ Advance Media. Belmar and Long Branch saw the biggest increases in beach tag revenues.